By Madlen Read

The Associated Press

NEW YORK

Another dose of painful reality Tuesday sent stocks diving as investors recognized that few industries are safe from the consumer spending slump - whether they're building homes, making cars or selling coffee. The Dow Jones industrial average closed down nearly 180 points.

It became clear to investors that it's going to be hard to rely on the average consumer to pull the economy out of its downturn. Late Monday, Starbucks Corp. reported lower sales across the coffee chain, and early Tuesday, Toll Brothers Inc. posted a sharp drop in revenue and said it was too difficult to predict what the luxury home builder's profit would be next year.

"We're in a situation where we really don't know how deep a recession we're in," said Jim Herrick, manager of equity trading at Baird & Co. "Until there's some clarity on the economy and clarity with earnings, we'll definitely be stuck in this trading range."

Light, sweet crude for December delivery fell $3.08 to $59.33 a barrel on the New York Mercantile Exchange. The dollar moved mostly higher against other major currencies, while gold prices dipped. The Treasury bond market was closed for Veterans Day.

Originally published by BY MADLEN READ.

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